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Eligible taxpayers may be able to resolve tax debt through an offer in compromise

There are options available to taxpayers if they can’t pay their tax debt in full or if doing so would cause financial hardship. One of them is called an offer in compromise. Factors such as income, expenses, asset equity and ability to pay…
WXC Corporation Doral Miami
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Treasury Department to deposit $1,000 into the account of each eligible child

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsproviding guidance regarding the contribution pilot program for Trump Accounts, which are a new type of traditional individual retirement…
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Guidance on a new method for recovering federal excise tax paid on dyed fuel

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued temporary regulations and the accompanying notice of proposed rulemaking on a new method for recovering federal excise tax paid on dyed fuel established…
WXC Corporation Doral
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About you Tax Returns: Schedule 1-A, Additional Deductions, what to know about the new form

IRS Schedule 1-A, Additional Deductions PDF was created to calculate and claim four new tax deductions enacted under the One, Big, Beautiful Bill. This schedule consolidates the new tax deductions in one place so taxpayers can determine their…
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If you need more time to file, request an extension

WASHINGTON — As the end of filing season approaches, the Internal Revenue Service reminds taxpayers they can get an extension to file their federal income tax return until Oct. 15, 2026, but they must request the extension by April 15, 2026,…
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IRS launches new online tool to help taxpayers resolve tax debt

WASHINGTON — The Internal Revenue Service today announced a new online tool to help taxpayers understand and resolve tax debt. The Tax Debt Help tool provides individuals and businesses with a simple, accessible way to explore payment…
WXC Corporation Doral Miami
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IRS issue proposed regulations on the new remittance transfer tax

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations that would provide rules and definitions related to the new excise tax imposed on certain remittance transfers, also referred to…
WXC Corporation Doral Miami
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IRS updates frequently asked questions about educational assistance programs

These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. Accordingly, these FAQs may not address any particular taxpayer’s specific facts and circumstances, and they may be…
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Steps taxpayers can take now to resolve tax issues and stay on track

WASHINGTON — Taxpayers who owe taxes or have not yet filed can benefit from acting early. Taking the steps outlined below can help limit penalties and interest, prevent delays, and make it easier to resolve tax issues. This Tax Time Guide…